Key Points:

• American Car Center Closure:
  • Recently, American Car Center, a Buy Here Pay Here chain with over 40 locations across 10 states, announced its closure.
  • 288 employees were terminated, and the company will stop processing paperwork, including loan payments.
• What It Means for Borrowers:
  • If you have a loan with American Car Center, the company will no longer process your payments.
  • It's important to understand what this means for your loan, payments, and title.
• Immediate Actions to Take:
  • File for Title Recovery: Contact your state’s Dealer Licensing Division for title recovery immediately.
  • Start the Civil Lien Process: Begin the process of having your jurisdiction declare you as the owner of the vehicle.
• Legal Advice:
  • We recommend consulting an attorney to understand your consumer protection rights and other legal rights related to this situation.
• Take Action Early:
  • Don’t wait until the end of your loan or the restitution fund is depleted.
  • Acting early ensures you don’t risk losing your title or lien release.
• Additional Tips:
  • Continue making payments only if necessary.
  • If you stop making payments, you could risk losing your title due to being in default.
• Important Reminder:
  • If your automotive lender goes out of business, start the process immediately to protect your rights and assets.